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Eco-Efficiency As A Philosophy Of Modern Business In The Conditions Of Global Transformations

Author

Listed:
  • Iulia Caprian

    (Moldova State University, Moldova)

  • Birca Iulita

    (University of Suceava "Stefan cel Mare", Romania)

  • Nataliia Trushkina

    (Research Center for Industrial Problems of Development of the National Academy of Sciences of Ukraine, Ukraine)

Abstract

Eco-efficiency is a concept accepted in the economic sphere that refers to strategies aimed at maximizing the efficiency of production processes while minimizing the negative impact on the environment. It is considered one of the best tools to promote the transformation from unsustainable to sustainable development. Eco-efficiency is a management strategy that links financial and environmental performance to create more value with less environmental impact. The purpose of the paper is to clarify the essence and content of the term "eco-efficiency" on the basis of generalization and systematization of existing conceptual approaches to the definition of this concept. Methodology. The methodological basis of the study is the scientific works of scientists on the problems of green economy, circular economy, environmental management, waste management. The research was conducted using general scientific methods: analysis and synthesis – to summarize the existing conceptual approaches and provisions, scientific developments on the development of the circular economy, greening of logistics systems, eco-efficiency, green investments, clarification of the terminology; classifications – to systematize theoretical approaches to the definition of "eco-efficiency", which are proposed by various scientific schools; structural and logical generalization – to clarify the essence and content of the term "eco-efficiency as a philosophy of modern business". Results. It was established that there is no single scientific approach to the definition of eco-efficiency, but a certain conceptual homogeneity is present. The key goals and specific tasks of implementing eco-efficiency as a modern paradigm of business development are determined. The impact of eco-efficiency on company management was studied and evaluated. The European trends in the development of the circular economy concept have been determined. Practical implications. Eco-efficiency approval offers a range of advantages for businesses. The implementation of eco-efficiency is related to the use of a smaller amount of natural resources, energy, and water. It also involves the adoption of recycling, waste management, and disposal in the process of improving production processes, as well as improving the operation of the logistics chain. Implementing eco-efficiency requires significant managerial effort. An important form of applying the concept of eco-efficiency has become the circular economy, which is related to the reconditioning and recycling of existing materials and products in order to increase their life cycle. The key goal of the transition to a circular economy is to change the paradigm of logistics, rethink the value chain and develop new business models that must meet modern requirements and challenges in the global world. The practical significance of the research results lies in the possibility of developing recommendations for the "green" transformation of the national economies of European countries, the implementation of business models and innovative technologies of the circular economy, waste management strategies. Value/originality. The author's approach to the formulation of the category "eco-efficiency as a philosophy of modern business" is theoretically substantiated.

Suggested Citation

  • Iulia Caprian & Birca Iulita & Nataliia Trushkina, 2023. "Eco-Efficiency As A Philosophy Of Modern Business In The Conditions Of Global Transformations," Green, Blue & Digital Economy Journal, Publishing house "Baltija Publishing", vol. 4(1).
    • Handle: RePEc:bal:gbadej:2661-5169:2023:4:1:1
    DOI: 10.30525/2661-5169/2023-1-1
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    References listed on IDEAS

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    More about this item

    Keywords

    globalization; eco-efficiency; corporate management; circular economy; sustainable development; transformation; strategy; paradigm; business philosophy; economic activity; logistics system; logistics flow of resources; supply chain; waste recycling; green investments; conceptual approaches;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • Q21 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Renewable Resources and Conservation - - - Demand and Supply; Prices

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